Currently, more than 2.3 million American households receive Section 8 housing assistance. The Section 8 program allows people on low or very low incomes to secure safe, affordable housing. It provides people in need with a Housing Choice Voucher (HCV), which guarantees that they will not spend more than 40% of their income on housing.
But what advice can help tenants and landlords to get the best out of these affordable living arrangements? Read on to explore the answer.
Section 8 Advice for Tenants
With real estate costs constantly rising, finding affordable living arrangements can be tough. That's why it's a good idea to find out whether you qualify as a Section 8 tenant. The current qualification is that you must earn 50% or less than the median income in your area.
In Indianapolis, Section 8 applications are administered by the Indianapolis Housing Agency. Currently, their waiting list is closed to new applicants.
However, waitlist openings will be announced in due course. So follow them on social media or check the agency's website regularly.
How to Qualify
Section 8 tenants must show that their total income from all sources is 50% or less than the Indianapolis median income. Family size is another factor that HUD takes into account. Additionally, they reserve some vouchers for people in special circumstances.
There are certain disqualifying factors as well. For example, HUD will not accept applicants who have been evicted from federally assisted housing for a drug offense for three years. Additionally, people registered for life as sex offenders are not eligible for assistance.
Finding Suitable Accommodation
Finding a Section 8 landlord is the next hurdle, but you must also make sure that the accommodation is suitable. You cannot move house, except for safety reasons, for one year after moving into a Section 8 home. So it pays to research the property and landlord first before committing to a rental agreement.
Why Become a Section 8 Landlord
Becoming a Section 8 landlord guarantees you a long list of applicants for your property. In addition, you will receive regular payments directly from the government, as it covers the majority of the rent. You can also review and potentially increase the rent each year.
You can also feel good knowing that you're helping low-income families find quality accommodation.
Advice for Landlords
To become and remain a Section 8 landlord, you need to request approval. You must also agree on the rent with the local housing authority and maintain the property to a good standard. You will have a yearly inspection to check standards are being maintained.
Signing up for the Section 8 program does not force you to take on every qualifying tenant. You can still carry out normal tenant screening to find the right fit for your rental.
Section 8 Success With Home River Group
Are you wondering whether becoming a Section 8 landlord is the right choice for you? Why not talk to one of our Indianapolis property management experts?
They can help you consider the pros and cons of the Section 8 program and decide whether it's the right fit for you. They can also help you with all aspects of the property management process.
Contact us today to learn more about what we can do for your rental property.